Answer only. Please make sure to round. b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and roundyour final answer to nearest whole number.)Revenue to be recognized in Year 2c. What is the amount of cash flow from operating activities in Year 2?Amount of cash flow from operating activities in Year 2 ework 2SavedHelpSaveClark Bell started a personal financial planning business when he accepted $56,000 cash as advance payment for managing thefinancial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1.Requireda. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizorntal statementsmodel given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity,NC for net change in cash and NA if the account is not affected. (Do not round intermediate calculations and round your finalanswers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign.)CLARK BELL PERSONAL FINANCIAL PLANNING

Unearned revenue is amount received in advance for which a service or product is yet to be…

b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round your final answer to nearest whole number.) Revenue to be recognized in Year 2

b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round your final answer to nearest whole number.) Revenue to be recognized in Year 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Answer only. Please make sure to round.

b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round
your final answer to nearest whole number.)
Revenue to be recognized in Year 2
c. What is the amount of cash flow from operating activities in Year 2?
Amount of cash flow from operating activities in Year 2

ework 2
Saved
Help
Save
Clark Bell started a personal financial planning business when he accepted $56,000 cash as advance payment for managing the
financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1.
Required
a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizorntal statements
model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity,
NC for net change in cash and NA if the account is not affected. (Do not round intermediate calculations and round your final
answers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign.)
CLARK BELL PERSONAL FINANCIAL PLANNING

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